Hayek vs Friedman: Anna Schwartz — Hayekian Macroeconomist

Chicago school economists Scott Sumner examines Anna Schwartz’s recent abandonment of the Friedman / Schwartz position on money and the business cycle in favor of a neo-Hayekian view.

Note well, however. In the comments Sumner helpfully acknowledges that he doesn’t really know Hayekian business cycle theory. Sumner’s focus is on the Chicago perception of Hayekian macro, not its reality, and upon Anna Schwartz’s evident change in view since Friedman & Schwartz’s Monetary History.